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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

June 2012 (1.26 MB PDF)


Recent Developments

The Overview section of this report highlights developments in the operations of the Federal Reserve’s credit and liquidity programs and facilities since last month’s report, and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of May 30, 2012.

FRBNY Loans to Maiden Lane LLC and Maiden Lane III LLC Repaid

  • On June 14, 2012, the Federal Reserve Bank of New York (FRBNY) announced that its loans to Maiden Lane LLC and Maiden Lane III LLC have been repaid in full, with interest. The original amounts of these loans were $28.8 billion and $24.3 billion, respectively. These repayments mark the retirement of the last remaining debts owed to the FRBNY from the crisis-era interventions with The Bear Stearns Companies, Inc. and American International Group, Inc. (AIG). The FRBNY will continue to sell the remaining assets from the Maiden Lane LLC and Maiden Lane III LLC portfolios as market conditions warrant and if the sales represent good value for the public. In accordance with the LLCs’ agreements, proceeds from future sales in Maiden Lane LLC will be used to repay the subordinated loan extended by JPMorgan Chase & Co., after which the FRBNY will receive all residual profits, and proceeds from future sales in Maiden Lane III LLC will be used to repay the equity contribution made by AIG, after which the FRBNY will receive 2/3rds of residual profits. Additional information is available at Leaving the Board and Leaving the Board.

FOMC Announces Continuation of Maturity Extension Program and Agency Security Reinvestments

  • On June 20, 2012, the Federal Open Market Committee (FOMC) announced that it would continue through the end of the 2012 its program to extend the average maturity of its holdings of securities. The maturity extension program was initially announced on September 21, 2011, and had been scheduled for completion by the end of June 2012. The FOMC also announced that it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS, and suspended, for the duration of the maturity extension program, its policy of rolling over maturing Treasury securities into new issues at auction. Additional information is available at

Federal Reserve System Selected Assets, Liabilities, and Total Capital

Table 1 reports selected assets and liabilities and total capital of the Federal Reserve System and presents the change in these components over the past month and since this time last year.

Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since 2007.

Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars

Item Current
May 30, 2012
Change from
April 25, 2012
Change from
June 1, 2011
Total assets 2,845 -24 +52
Selected assets
   Securities held outright 2,602 -8 +33
       U.S. Treasury securities1 1,657 -11 +125
       Federal agency debt securities1 93 -2 -26
       Mortgage-backed securities2 852 +4 -66
       Memo: Overnight securities lending3 16 +2 -1
       Memo: Net commitments to purchase mortgage-backed securities4 34 +2 +34
   Lending to depository institutions5 *


   Central bank liquidity swaps6 22 -10 +22
   Lending through the Term Asset-Backed Securities Loan Facility7 5 -2 -9
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 19 -5 -45
       Net portfolio holdings of Maiden Lane LLC9 4 -* -21
       Net portfolio holdings of Maiden Lane II LLC9 * +* -15
       Net portfolio holdings of Maiden Lane III LLC9 15 -5 -9
Total liabilities 2,790 -25 +50
Selected liabilities
   Federal Reserve notes in circulation 1068 +10 +84
   Term deposits of depository institutions 3 +3 +3
   Other deposits of depository institutions 1,526 -* -67
   U.S. Treasury, general account 68 -35 -6
   U.S. Treasury, supplementary financing account 0 0 -5
   Other deposits 10 -2 +10
Total capital 55 +1 +2
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million. Return to table
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. Return to table
3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table
5. Total of primary, seasonal, and secondary credit. Return to table
6. Dollar value of the foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. Return to table
7. Book value. Return to table
8. As of May 30, 2012, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of March 31, 2012. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table

Figure 1. Credit and liquidity programs and the Federal Reserves balance sheet.

Accessible Version

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Last update: August 2, 2013